Balance Assist® can help with unexpected expenses

Balance Assist® is a small dollar loan designed to help you manage short-term needs.
Balance assist page shown in the app on an iphone screen

Are you eligible for Balance Assist®?

In addition to other factors, you must meet the criteria below1:

  • Checkmark item one

    You have had a Bank of America checking account open for at least 1 year (or 2.5 years if you don’t have a credit score2) and currently have a qualified Bank of America checking account (a SafeBalance® account does not qualify)

  •  Checkmark item two

    You have a positive balance in all of your Bank of America checking accounts3 and make regular monthly deposits

  • Checkmark item three

    You don’t currently have an open Balance Assist loan and have not opened 6 Balance Assist loans in the last 12 months

  • Checkmark item four

    Credit-based factors are also considered

Simple. Quick. Convenient.

Here’s an overview of how Balance Assist works.

  • Online icon

    Apply1 online—it’s quick and easy

  • Fast icon

    If approved, you’ll have access to money in minutes

  • Cash icon

    Apply to borrow up to $500, for a $5 fee4

  • Loan icon

    Pay back the amount borrowed, plus the $5 fee, in 3 equal monthly payments4

A person typing on a laptop and taking notes.

Here’s what else you may need to know

Be sure to check the information below to see if Balance Assist is right for you.

Balance Assist is a credit product

We may report the loan status to the credit reporting agencies.

We'll need to run a credit check to approve you for a Balance Assist loan

Limited credit history? We’ll take into account your relationship with us. You can also build credit history by consistently paying back your Balance Assist loan when it’s due.

Pay only a $5 fee4 for Balance Assist

No matter how much you borrow.

Your overdraft setting on your checking account will change

The checking account connected to Balance Assist will be set to the “Decline All” overdraft setting.5 This will help you avoid overdrawing your account. If you don't have available funds, transactions will not be paid. While you have an active Balance Assist loan, this setting cannot be changed, but 5 business days after your loan is paid in full, you can contact us to have your settings changed back. We will not charge overdraft fees for returned Balance Assist payments.6